Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Lotte most frequent violator of fair trade laws: watchdog data
[THE INVESTOR] Lotte Group was the most frequent violator of Korean fair trade laws among the country’s top 10 conglomerates, according to a local legislator on July 11.Citing data from the Fair Trade Commission, Yoo Eui-dong of Saenuri Party said Lotte violated related laws on 73 different occasions between 2013 and 2015.This was the highest among the 10 largest industrial groups in South Korea.Of the 93 Lotte affiliates, Lotte Shopping’s violations reached nine, followed by Woori Homeshopping
July 11, 2016
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Cheil Worldwide teams up with Facebook to expand presence in mobile ad
[THE INVESTOR] Cheil Worldwide, the advertising unit of Samsung Group, has teamed up with Facebook to expand its presence in the soaring mobile advertisement market. Under the partnership announced on July 11, Cheil and Facebook will develop diverse ad platforms and products using Facebook and Instagram services. Facebook has also invited Cheil executives to participate in the Facebook Ambassador program organized by the social network giant’s Asia-Pacific branch to offer them opportunities for
July 11, 2016
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NH Investment & Securities to invest in Yeouido’s Parc One complex
[THE INVESTOR] NH Investment & Securities is set to invest 700 billion won (US$599.5 million) in Yeouido’s Parc One multiple complex, according to sources familiar with the issue on July 11. The firm recently reached an agreement with property developer Y22 Development Co. to buy a 56-story office building -- one of the four buildings to be built within the complex. A bird's eye view of Parc One multiple complexNH Investment & Securities will dip into its own coffers for 200 billion won of the a
July 11, 2016
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Former LG Display executive to head CSOT
A former vice president of LG Display was appointed to head China’s second-largest display maker CSOT, according to news reports Monday. This has raised concerns about an outflow of skilled manpower from the Korean display industry, amid Chinese display makers’ heavy investment to catch up with Korean firms. Kim Woo-sik (right), a former vice president of LG Display, receives an award from Dell in 2007.Kim Woo-sik, who left the nation’s second largest display maker in 2007, was a key member who
July 11, 2016
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S. Korean manufacturing sector sees worse conditions in Q3
[THE INVESTOR]The South Korean manufacturing sector expects conditions to worsen during the third quarter of the year, a survey showed on July 11. According to the Business Survey Index compiled by the Korea Institute for Industrial Economics and Trade, local manufacturing companies expect third-quarter sales and exports to worsen compared to the previous quarter.In the survey of 462 manufacturing companies, the BSI for exports and sales respectively came in at 98 and 97 points. A BSI below 100
July 11, 2016
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[DECODED] Suh Kyung-bae, not your usual chaebol
In the Korean corporate world, 2015 was the year of AmorePacific Group chairman Suh Kyung-bae.The cosmetics company celebrated its 70th anniversary that year and the second-generation leader of the conglomerate had managed to transform the initially domestic-focused firm into a cosmetics powerhouse in Asia, cashing in on consumers’ desire for beauty to reap growth of more than 20 percent a year. As of July, AmorePacific is the sixth largest company in South Korea in terms of market capitalizatio
July 11, 2016
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[DECODED] AmorePacific: A legacy that started in grandma‘s kitchen
The origin of AmorePacific traces back to Suh Kyung-bae’s grandmother Yun Dok-jeong who came up with an idea of selling hair oil made of camellia oil in Gaeseong, in present day North Korea. Attracting upper class customers with the high-quality oil, Yun soon established a cosmetics shop, Changseong Store, in 1932 and expanded to other products, such as facial cream and powder. Learning from Yun’s entrepreneurship and business skills, Suh’s father Suh Sung-whan began to fully engage in the busin
July 11, 2016
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POSCO chairman, SNU professor awarded for scientific achievements
POSCO chairman Kwon Oh-joon and Seoul National University professor Hyeon Tae-ghwan have won prizes that recognize them as the nation’s top scientists, officials said Monday.The Korea Federation of Science and Technology Societies and the Ministry of Science announced the winners for this year. The award has been given since 2003 to those who have made outstanding achievements in research and development or innovative technology development in Korea. POSCO chairman Kwon Oh-joon (left) and IBS di
July 11, 2016
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Shipbuilders likely to suffer difficulties in second half: survey
South Korean shipyards are likely to suffer difficulties in the second half of this year, a new survey said Monday, amid declining new orders over the protracted global economic slump.South Korean shipbuilders clinched a combined 830,000 compensated gross ton worth of orders in the first half, down 88 percent from 6.85 million CGTs a year earlier, according to the data compiled by global research firm Clarkson Research Services.The first-half new orders mark the lowest figure that South Korean s
July 11, 2016
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POSCO eyes titanium for future
[THE INVESTOR] POSCO, South Korea’s biggest steelmaker, plans to heavily invest in titanium as a new growth engine, local news reported on July 10. “The use of titanium is expanding and the value addition is high, which will boost profitability in the future,” an official at POSCO said. Titanium is a metal used widely in industries ranging from aviation to munitions. It boasts 43 percent lighter weight than steel, while it has the double the strength of aluminum alloy. With the advancement of te
July 11, 2016
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Dongkuk Steel’s operating profit jumps 156.4% in Q2
[THE INVESTOR] Dongkuk Steel Mill ’s second quarter operating profit soared 156.4 percent from a year ago to come in at 99 billion won (US$86.4 million) the steelmaker said on July 11. The company’s second-quarter sales came in at just under 1.17 trillion won, down 1.5 percent over the same period, while net profits dropped 59.6 percent to 36.4 billion won. The company said that second-quarter figures were boosted by improving sales of colored plates and steel bars. It also said that restructuri
July 11, 2016
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Bizmen calls for gov't support for joint tour project investment loss
A group of South Korean businessmen on Monday called on the government to further compensate their losses over the investments made in the now-halted inter-Korean tour program ahead of the eighth anniversary of the project's suspension.The local businessmen who poured money into the joint tour program at Mount Kumgang on the North's east coast should get financial compensation following Seoul's decision on July 12, 2008.The government took such a step after a North Korean soldier shot and killed
July 11, 2016
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Human embryo research to resume in S. Korea
[THE INVESTOR] South Korea’s Cha University has been granted conditional permit to carry out research using human embryos, the Ministry of Health and Welfare said on July 11. The research will be carried out using somatic cell nuclear transfer method. The method transfers the nucleus, which contains the majority of human genetic information, from a somatic cell into an ovum whose nucleus has been removed. Pixabay.comThis is the first time research using human embryos has been permitted in Korea
July 11, 2016
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MBK Partners recoups record US$3.3b from investments
[THE INVESTOR] MBK Partners has recouped a record amount from its investments over the past two years since July 2014, industry sources said on July 10.Since June 2014, MBK Partners -- South Korea’s largest PEF -- managed to recoup US$3.3 billion by selling equity and driving up dividends from its past investments. MBK Partners founder and chairman Michael Byung-ju Kim When including the returns from other projects MBK jointly invested in, such as with South Korea’s National Pension Fund, Singap
July 11, 2016
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S. Korean defense contractor to supply parts for Boeing Chinook
[THE INVESTOR] Huneed Technologies, a South Korean military communications equipment maker, will supply electronics parts for the Boeing CH-47 Chinook, local media reported on July 11. This is the first time a South Korean defense equipment maker will be supplying parts for a foreign helicopter model. Boeing CH-47 Chinook / BoeingAccording to reports citing unnamed defense industry sources, Huneed Technologies signed a US$120 million supply contract at the end of last month. The company posted s
July 11, 2016
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[Photo News] Sungdong's closed shipyard sheds light on demise of shipbuilding business
FROM GREAT INDUSTRY TO GHOST TOWN — Two construction cranes stand at a closed shipyard formerly owned by South Korean shipbuilder Sungdong Heavy Industries in Masan, South Gyeongsang Province, Sunday. In light of the prolonged downturn of the local shipbuilding sector, Sungdong’s 700-ton “Goliath Crane” will soon be purchased by a shipbuilding company in Romania, while the shipyard itself was sold off to 20 different small and mid-sized companies in July 2015. (Yonhap)
July 10, 2016
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Lawmakers push for ‘lemon law’
A group of ruling party lawmakers plan to submit a bill that requires carmakers and salespeople to refund or exchange new vehicles that have defects.Saenuri Party Rep. Kwon Suk-chang said Sunday he and his fellow lawmakers will propose a “lemon law,” referring to American state laws that stipulate that carmakers should compensate consumers for products that have defects despite repeated repair attempts.South Korea currently has no legal protection for consumers who purchase cars that are later f
July 10, 2016
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Fried chicken trans fat-free, but high in sodium: survey
A local consumer agency urged Koreans on Sunday to cut down on eating chicken, citing the high levels of sodium and fat in Korean-style fried chicken.The Korea Consumer Agency released a survey of 22 products from the top 11 fried chicken franchises in Korea, showing the differences across brands in terms of nutritional content, flavor and price per gram.The chicken with the highest sodium content was the spicy flavored chicken from Mom’s Touch, which had 552 milligrams per 100 grams. Pelicana’s
July 10, 2016
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Budget carrier passengers top 100 mln in 11 years
The cumulative number of passengers of South Korea's low-cost carriers has topped 100 million since they began service here 11 years ago, data showed Sunday.The number of people using domestic and international flights by local LCCs reached 114.79 million after the first LCC was launched in August 2005, according to the data by the Korea Airports Corp. and the Incheon International Airport Corp.LCC passengers on domestic flights came to 81.32 million during the cited period, and those from inter
July 10, 2016
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S. Korea's tourism deficit edges up this year
South Korea has seen its deficit from tourism inch up in the first five months of the year, central bank data showed Sunday, despite the government's continued efforts to boost the tourism industry.The tourism deficit reached US$1.49 billion in the January-May period, up 1.3 percent from the $1.47 billion from the same period last year, according to the data by the Bank of Korea.The number of visitors plummeted last year following an outbreak of the Middle East Respiratory Syndrome.The bank attr
July 10, 2016